Soybean oil is one of the widely used biofuels in the world, with China as the top producer of soybean oil, accounting for about 17.92 million tons of soybean oil, as per USDA statistics 2021. Following China, the United States of America is the second-largest producer of soybean oil in the world, contributing to about 11.76 million tons of soybean oil in the world.
Soybean oil demand as a biomass/biofuel is rising continuously in the countries, among which India is the highest consuming country for the biofuel and vegetable oils in general. While India is the largest importer of soybean oil (30.6%), Argentina is the largest exporter of soybean oil (39.4%), as per global trade statistics 2020.
Top Import Countries 2020
This is pretty evident that due to COVID-19, several commodities registered a surge in their demand and high imports were registered in our import-export records. India is, as aforementioned, the largest importer of soybean oil in the world due to its high consumption.
Below represented soybean imports highlighted the top importing countries of soybean oil for the year 2020, the starting point of the increasing demand. As per the shown data, India is at the top position with an import value of $2.9 billion, followed by China and Algeria with import values of about $72 million and $44 million respectively. Check other figures to examine fully.
Top Export Countries 2020
The top exporting countries for soybean oil are represented in the soybean export data below. The largest exporting countries are as follows: Argentina with an export value of $3.88 billion (39.4%), the USA with a value of $97 million (9.9%), Brazil with a value of $76 million (7.7%), the Netherlands with $46 million (4.7%), Russia with a value of $44 million (4.5%), among other countries in the shown data below. Check the other countries for more thorough information.
Soybean Oil Rising Prices
As per a forecast from the World Bank, the average annual prices of soybean oil will grow nearly by 4% to $1,425 tons for the year 2022. Region-wise, Asia is the major importing destination for soybean oil and the key driver of the increase in demand for soybean oil.
The average annual prices of soybean oil increased in 2021 by 65% on a year-on-year basis, from $838 to $1,385 per ton, due to the rapid growth in the demand for soybean oil globally. According to our trade data analysts, the rising demand for soybean oil as a result of increasing use of biofuel will give more pavement of high imports, but also hike in prices, specifically in Asia, region-wise, in the upcoming years, especially in the year 2022.
Recommendation: Global Discussion On Agri-Products Trade At UKCOP26 Conference